EX-12.2
Published on June 7, 2012
Exhibit 12.2
RATIO OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES
AND PREFERRED UNIT DISTRIBUTIONS OF THE OPERATING PARTNERSHIP
(in thousands)
| 3 Months Ended March 31, |
12 Months Ended December 31, |
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| 2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
| Earnings: |
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| Income before equity in earnings (losses) of unconsolidated joint ventures, noncontrolling interests and discontinued operations (1) |
$ | 10,286 | $ | 10,849 | $ | 52,554 | $ | 38,806 | $ | 74,221 | $ | 28,729 | $ | 28,535 | ||||||||||||||
| Add: |
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| Distributed income of unconsolidated joint ventures |
237 | 62 | 499 | 653 | 660 | 2,366 | 1,706 | |||||||||||||||||||||
| Amortization of capitalized interest |
127 | 127 | 507 | 492 | 474 | 465 | 413 | |||||||||||||||||||||
| Interest expense |
12,334 | 10,325 | 45,382 | 41,789 | 37,684 | 49,628 | 42,599 | |||||||||||||||||||||
| Portion of rent expense - interest factor |
516 | 468 | 1,938 | 1,753 | 1,743 | 1,168 | 1,078 | |||||||||||||||||||||
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| Total earnings |
23,500 | 21,831 | 100,880 | 83,493 | 114,782 | 82,356 | 74,331 | |||||||||||||||||||||
| Fixed charges: |
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| Interest expense |
12,334 | 10,325 | 45,382 | 41,789 | 37,684 | 49,628 | 42,599 | |||||||||||||||||||||
| Capitalized interest and capitalized amortization of debt issue costs |
163 | 241 | 413 | 1,527 | 310 | 1,811 | 1,857 | |||||||||||||||||||||
| Portion of rent expense - interest factor |
516 | 468 | 1,938 | 1,753 | 1,743 | 1,168 | 1,078 | |||||||||||||||||||||
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| Total fixed charges |
$ | 13,013 | $ | 11,034 | $ | 47,733 | $ | 45,069 | $ | 39,737 | $ | 52,607 | $ | 45,534 | ||||||||||||||
| Ratio of earnings to fixed charges |
1.8 | 2.0 | 2.1 | 1.9 | 2.9 | 1.6 | 1.6 | |||||||||||||||||||||
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| Earnings: |
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| Income before equity in earnings (losses) of unconsolidated joint ventures, noncontrolling interests and discontinued operations (1) |
$ | 10,286 | $ | 10,849 | $ | 52,554 | $ | 38,806 | $ | 74,221 | $ | 28,729 | $ | 28,535 | ||||||||||||||
| Add: |
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| Distributed income of unconsolidated joint ventures |
237 | 62 | 499 | 653 | 660 | 2,366 | 1,706 | |||||||||||||||||||||
| Amortization of capitalized interest |
127 | 127 | 507 | 492 | 474 | 465 | 413 | |||||||||||||||||||||
| Interest expense |
12,334 | 10,325 | 45,382 | 41,789 | 37,684 | 49,628 | 42,599 | |||||||||||||||||||||
| Portion of rent expense - interest factor |
516 | 468 | 1,938 | 1,753 | 1,743 | 1,168 | 1,078 | |||||||||||||||||||||
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| Total earnings |
23,500 | 21,831 | 100,880 | 83,493 | 114,782 | 82,356 | 74,331 | |||||||||||||||||||||
| Fixed charges and preferred unit distributions: |
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| Interest expense |
12,334 | 10,325 | 45,382 | 41,789 | 37,684 | 49,628 | 42,599 | |||||||||||||||||||||
| Capitalized interest and capitalized amortization of debt issue costs |
163 | 241 | 413 | 1,527 | 310 | 1,811 | 1,857 | |||||||||||||||||||||
| Portion of rent expense - interest factor |
516 | 468 | 1,938 | 1,753 | 1,743 | 1,168 | 1,078 | |||||||||||||||||||||
| Preferred unit distributions |
| | | 5,297 | 5,625 | 5,625 | 5,625 | |||||||||||||||||||||
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| Total combined fixed charges and preferred unit distributions |
$ | 13,013 | $ | 11,034 | $ | 47,733 | $ | 50,366 | $ | 45,362 | $ | 58,232 | $ | 51,159 | ||||||||||||||
| Ratio of earnings to combined fixed charges and preferred unit distributions |
1.8 | 2.0 | 2.1 | 1.7 | 2.5 | 1.4 | 1.5 | |||||||||||||||||||||
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| (1) | The year ended December 31, 2010 includes a loss on termination of derivatives of $6.1 million. |
| (2) | The year ended December 31, 2009 includes a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest. |
| (3) | The year ended December 31, 2008 includes a loss on termination of derivatives of $8.9 million. |